8I-U

Actuary.Welander.Com

Welcome to my Actuarial Stuff Page
Not much here except my notes to 8I-U (2004 sitting)
If you feel the insane need to contact me, you can email me at actuary at welander dot com. There is no guarantee I'll respond before 10/28. Something about a test that will be consuming my time. You can also post to the Rebel Outpost or PM me there where I lurk as GadgetGeek
I'm publishing this stuff under the GNU Free Documentation License which basically says you can do what you want with it as long as I get credit and the license stays the same.
Hope this helps in some small way. I sure hope it helps me get past this one.

Marketing


Book:Life and Health Marketing (LOMA) - Chapter 3 - REGULATION OF LIFE AND HEALTH INSURANCE MARKETING
Book:Life and Health Marketing (LOMA) - Chapter 5 - PLANNING MARKETING GOALS AND STRATEGIES
Book:Life and Health Marketing (LOMA) - Chapter 6 - ORGANIZING, IMPLEMENTING AND CONTROLLING MARKETING ACTIVITIES
Book:Life and Health Marketing (LOMA) - Chapter 7 - MARKET SEGMENTATION AND TARGET MARKETING
Book:Life and Health Marketing (LOMA) - Chapter 15 - DISTRIBUTION CHANNELS
Book:Marketing for Actuaries (LIMRA) - Chapter I - INTRODUCTION
Book:Marketing for Actuaries (LIMRA) - Chapter II - MARKETING MANAGEMENT OBJECTIVES AND STRATEGIES
Book:Marketing for Actuaries (LIMRA) - Chapter III - MARKET RESEARCH
Book:Marketing for Actuaries (LIMRA) - Chapter IV - TRADITIONAL DISTRIBUTION SYSTEMS
Book:Marketing for Actuaries (LIMRA) - Chapter V - NONTRADITIONAL AND EMERGING DISTRIBUTION SYSTEMS
Book:Marketing for Actuaries (LIMRA) - Chapter VI - MARKETING AND PRICING
Book:Marketing for Actuaries (LIMRA) - Chapter VII - ILLUSTRATION AND DISCLOSURE
Book:Marketing for Actuaries (LIMRA) - Chapter VII - APPENDIX I - MATHEMATICS OF COST COMPARISON APPROACHES
Book:Marketing for Actuaries (LIMRA) - Chapter VII - APPENDIX II - NAIC LIFE INS ILLUSTRATINOS MODEL REGULATION
Book:Study Notes and Published References - Note CIA Education Note - INSURANCE AND ANNUITY ILLUSTRATIONS

Pricing


Book:Life Insurance Products and Financing (Atkinson/Dallas) - Chapter 11 - PROFIT MEASUREMENT AND ANALYSIS
Book:Life Insurance Products and Financing (Atkinson/Dallas) - Chapter 14 - FINANCIAL MODELING
Book:Life Insurance Products and Financing (Atkinson/Dallas) - Chapter 15 - STOCHASTIC MODELING
Book:Life Insurance Products and Financing (Atkinson/Dallas) - Chapter 16 - FINANCIAL MANAGEMENT
Book:Life and Health Marketing (LOMA) - Chapter 12 - PRICING: A MARKETING PERSPECTIVE
Book:Study Notes and Published Refences - Note TSA XXXIX - PRICING IN A RETURN-ON-EQUITY ENVIRONMENT
Book:Study Notes and Published Refences - Note SN8I-200-00 - EXPERIENCE ASSUMPTIONS FOR INDIVIDUAL LIFE INS AND ANNUITIES
Book:Study Notes and Published Refences - Note SN 8I-201-00 - GROSS PREMIUMS FOR DISABILITY WAIVER BENEFITS
Book:Study Notes and Published Refences - Note SN 8I-202-00 - VARIABLE ANNUITY MINIMUM DEATH BENEFITS - A MONTE CARLO PRICING APPROACH
Book:Study Notes and Published Refences - Note SN 8I-204-01 - REPORT OF THE SOA TASKFORCE ON PREFERRED U/W

Valuation and Financial Statements


Book:Valuation of Life Insurance Liabilities - Chapter 1 - TYPES OF VALUATIONS AND BASIC REQUIREMENTS
Book:Valuation of Life Insurance Liabilities - Chapter 2 - RESERVE METHODOLOGIES AND BASES
Book:Valuation of Life Insurance Liabilities - Chapter 3 - TYPES OF RESERVE FACTORS
Book:Valuation of Life Insurance Liabilities - Chapter 4 - VALUATION OF INTEREST SENSITIVE LIFE PRODUCTS
Book:Valuation of Life Insurance Liabilities - Chapter 5 - VALUATION OF ANNUITIES
Book:Valuation of Life Insurance Liabilities - Chapter 6 - VALUATION OF VARIABLE PRODUCTS
Book:Valuation of Life Insurance Liabilities - Chapter 7 - MISCELLANEOUS RESERVES
Book:Valuation of Life Insurance Liabilities - Chapter 8 - CASH FLOW TESTING
Book:U.S. GAAP - Chapter 3 - EXPENSES AND CAPITALIZATION
Book:U.S. GAAP - Chapter 4 - TRADITIONAL LIFE INSURANCE (SFAS 60 AND SFAS 97)
Book:U.S. GAAP - Chapter 5 - TRAD LIFE (SFAS 120)
Book:U.S. GAAP - Chapter 6 - UNIVERSAL LIFE INSURANCE
Book:U.S. GAAP - Chapter 7 - DEFERRED ANNUITIES
Book:U.S. GAAP - Chapter 8 - VARIABLE AND EQUITY-BASED PRODUCTS
Book:U.S. GAAP - Chapter 9 - ANNUITIES IN PAYMENT STATUS
Book:Study Notes and Published Refences - Note SN 8I-309-01 - MANAGEMENT REPORTS AND REPORTS TO REGULATORY BODIES
Book:Study Notes and Published Refences - Note TSA XXXVIII - STRATEGIC MANAGEMENT OF LIFE INS CO SURPLUS
Book:Study Notes and Published Refences - Note SN 81-303 - ACTUARIAL REVIEW OF RESERVES AND OTHER A.S. LIABILITIES
Book:Study Notes and Published Refences - Note SN 8I-304-00 - VALUE BASED FINANCIAL MEASUREMENT
Book:Study Notes and Published Refences - Note 8I-306-00 - CASH FLOW ANALYSIS TECHNIQUES
Book:Study Notes and Published Refences - Note SN 8I-308-00 - REGULATORS' PERSPECTIVE ON ACTUARIAL OPINIONS AND VALUATIONS
Book:Study Notes and Published Refences - Note SN 8IU-310-04 - VALN OF LIVING AND DEATH BENEFIT GUARANTEES FOR VARIABLE ANNUITIES

Product Development


Book:Life and Health Marketing (LOMA) - Chapter 11 - PRODUCT DEVELOPMENT
Book:Reinsurance - Tiller and Tiller - Chapter 4 - TRADITIONAL REINSURANCE
Book:Reinsurance - Tiller and Tiller - Chapter 5 - FINANCIAL REINSURANCE
Book:Study Notes and Published References - Note ASP 1 - REDETERMINATION OF NON-GUARANTEED CHARGES AND/OR BENEFITS FOR LIFE INS AND ANNUITY CONSIDERATIONS
Book:Study Notes and Published References - Note CIA Recommendations - DIVIDEND DETERMINATION AND ILLUSTRATION
Book:Study Notes and Published References - Note SN 8I-100-00 - PRODUCT DEVELOPMENT TRENDS
Book:Study Notes and Published References - Note SN 81-101-00 - LIFE INSURANCE AND ANNUITY NONFORFEITURE PRACTICES
Book:Study Notes and Published References - Note SN 81-102-00 - LIFE AND ANNUITY PRODUCTS AND FEATURES
Book:Study Notes and Published References - Note SN 8I-103-01 - POLICYHOLDER DIVIDENDS
Book:Study Notes and Published References - Note SN 81-104-03 - NAIC STANDARD NONFORFEITURE LAW FOR LIFE INSURANCE
Book:Study Notes and Published References - Note SN 8I-105-03 - NAIC UNIVERSAL LIFE INSURANCE MODEL REGULATION
Book:Study Notes and Published References - Note SN 8I-106-03 - NAIC STANDARD NONFORFIETURE LAW FOR INDIVIDUAL DEF ANNUITIES
Book:Study Notes and Published References - Note SN 8IU-107-04 - EQUITY INDEXED ANNUITIES: PRODUCT DESIGN AND PRICING CONSIDERATIONS
Book:Study Notes and Published References - Note PRODUCT MATTERS - REGULATORS RESPOND TO INDUSTRY INNOVATION THROUGH GUIDELINE AXXX
Book:Study Notes and Published References - Note PDNEWS - SEAC SECONDARY GUARANTEES DEBATE
GNU Free Documentation License

Marketing


Life and Health Marketing (LOMA) - Chapter 3 - REGULATION OF LIFE AND HEALTH INSURANCE MARKETING


Overview
US State Regulation
US Federal Regulation
Canadian Legal Environment

Life and Health Marketing (LOMA) - Chapter 5 - PLANNING MARKETING GOALS AND STRATEGIES


Marketing Management - process of planning, organizing, implementing and controlling a company's marketing activities in order to create effective and efficient exchanges
Marketing Management Process
Types of Planning
Stategic Marketing Planning
Tactical Marketing Planning
The Planning Process
Establishing Objectives
Developing Stategies and Tactical/Action Programs
The Marketing Plan


Life and Health Marketing (LOMA) - Chapter 6 - ORGANIZING, IMPLEMENTING AND CONTROLLING MARKETING ACTIVITIES


Organizing Marketing Operations
Implementing Marketing Strategies
Controlling Marketing Activities
Performance Evaluation

Life and Health Marketing (LOMA) - Chapter 7 - MARKET SEGMENTATION AND TARGET MARKETING


Market Segmentation
Target Marketing

Life and Health Marketing (LOMA) - Chapter 15 - DISTRIBUTION CHANNELS


Overview
Personal Selling Distribution Systems
Financial Institutions Distribution Systems
Direct Response Distribution Systems

Marketing for Actuaries (LIMRA) - Chapter I - INTRODUCTION


Overview


Marketing for Actuaries (LIMRA) - Chapter II - MARKETING MANAGEMENT OBJECTIVES AND STRATEGIES


Overview
Markets
Products
Distribution
Role fo the Actuary

Marketing for Actuaries (LIMRA) - Chapter III - MARKET RESEARCH


Overview
Market Surveys
Sales Surveys (LIMRA primarily)
Other Market Data

Marketing for Actuaries (LIMRA) - Chapter IV - TRADITIONAL DISTRIBUTION SYSTEMS


Overview
Agency-Building Systems
Independent or Non-Agency Building Systems
Elements of Agent Compensation
Levelized Commissions
Estimating the cost of Agent Compenstation
Financing the New Agent
Elements of Field Mgmt Compensation

Marketing for Actuaries (LIMRA) - Chapter V - NONTRADITIONAL AND EMERGING DISTRIBUTION SYSTEMS


Overview
Nontraditional Dist Channels in the Upscale Markets
Nontraditional Dist Channels in the Middle Mkt

Marketing for Actuaries (LIMRA) - Chapter VI - MARKETING AND PRICING


Life Insurance
Annuities
Managing Persistency
Managing Replacements

Marketing for Actuaries (LIMRA) - Chapter VII - ILLUSTRATION AND DISCLOSURE


Competition
Cost Index for Price Comparison
Illustrations as Method of Comparison
Illustration Model Reg and ASOP 24
SelfSupport Test
Lapse-Supported Test
Illustration Assumptions

Marketing for Actuaries (LIMRA) - Chapter VII - APPENDIX I - MATHEMATICS OF COST COMPARISON APPROACHES


Int-Adj Cost Index
Actuaries Index (Canada)
Linton Yield Approach
Internal Rate of Return
Basic Differences Among Cost-Comparison Methods


Marketing for Actuaries (LIMRA) - Chapter VII - APPENDIX II - NAIC LIFE INS ILLUSTRATINOS MODEL REGULATION


Overview
Policies to Be Illustrated
Standards for Basic Illustration
Standards for Supplemental Illustrations
Delivery of Illustration and Record Retention
Annual Report; Notice to PO
Annual Certifications

Study Notes and Published References - Note CIA Education Note - INSURANCE AND ANNUITY ILLUSTRATIONS


Considerations
Guidance
Sources of Info


Pricing


Life Insurance Products and Financing (Atkinson/Dallas) - Chapter 11 - PROFIT MEASUREMENT AND ANALYSIS


Distributable Earnings
Stockholder Earnings
After-Tax Stockholder Earnings
Return on Equity (ROE)
Selection of Profit Goals
Present Value
Profit Measures
Sample Problems - text p


Life Insurance Products and Financing (Atkinson/Dallas) - Chapter 14 - FINANCIAL MODELING


Modeling of Liabilities
Asset/Liab Modeling
Asset/Liability Matching
Exercises - beginning p 772


Life Insurance Products and Financing (Atkinson/Dallas) - Chapter 15 - STOCHASTIC MODELING


Introduction
Overview of Stochastic Modeling
Random Variables
Stochastic Mortality
Stochastic Interst Rates
Effect on Liabilities
Effects on Assets
Summarizing Stochastic Results
Exercises


Life Insurance Products and Financing (Atkinson/Dallas) - Chapter 16 - FINANCIAL MANAGEMENT


introduction
Tools of Financial Management
Acquisition or Sale of Business
Risk Management
Earnings Management
Capital Management
Achieving Financial Goals
Exercises
Life and Health Marketing (LOMA)
Chapter 5 - PLANNING MARKETING GOALS AND STRATEGIES
Marketing Management - process of planning, organizing, implementing and controlling a company's marketing activities in order to create effective and efficient exchanges
Marketing Management Process
Types of Planning
Stategic Marketing Planning
Tactical Marketing Planning
The Planning Process
Establishing Objectives
Developing Stategies and Tactical/Action Programs
The Marketing Plan

Life and Health Marketing (LOMA)
Chapter 6 - ORGANIZING, IMPLEMENTING AND CONTROLLING MARKETING ACTIVITIES
Organizing Marketing Operations
Implementing Marketing Strategies
Controlling Marketing Activities
Performance Evaluation
Life and Health Marketing (LOMA)
Chapter 7 - MARKET SEGMENTATION AND TARGET MARKETING
Market Segmentation
Target Marketing
Life and Health Marketing (LOMA)
Chapter 11 - PRODUCT DEVELOPMENT
Product Innovations
Product Development Process


Life and Health Marketing (LOMA) - Chapter 12 - PRICING: A MARKETING PERSPECTIVE


Pricing - the process of determining the amt to charge a customer for a product
Primary Factors Affecting Pricing Decisions
Pricing Strategies
Rate Structures
Pricing Methods
Price Evaluation
Product Line and Portfolio Pricing Considerations

Study Notes and Published Refences - Note TSA XXXIX - PRICING IN A RETURN-ON-EQUITY ENVIRONMENT


Overview
Effect of FIT
Generalized Case
Special Considerations
Conclusions

Study Notes and Published Refences - Note SN8I-200-00 - EXPERIENCE ASSUMPTIONS FOR INDIVIDUAL LIFE INS AND ANNUITIES


Experience Assumption Process
Mortality Assumption
Lapse Assumptions
Interest Assumptions
Expense Assumptions


Study Notes and Published Refences - Note SN 8I-201-00 - GROSS PREMIUMS FOR DISABILITY WAIVER BENEFITS


Introduction
Assumptions for Experience Premiums
Experience Premium Formulas
Special Considerations

Study Notes and Published Refences - Note SN 8I-202-00 - VARIABLE ANNUITY MINIMUM DEATH BENEFITS - A MONTE CARLO PRICING APPROACH


Overview
Pricing
Enhanced DB Definitions
Ratcheting Frequency
Summary - Volatile Results
Evaluation of Methodology

Study Notes and Published Refences - Note SN 8I-204-01 - REPORT OF THE SOA TASKFORCE ON PREFERRED U/W


Overview
Background
Results


Valuation and Financial Statements


Valuation of Life Insurance Liabilities - Chapter 1 - TYPES OF VALUATIONS AND BASIC REQUIREMENTS


Overview
Types of Valuations
Effects of Stat Reserve Requirements
Valuation Requirements
Valuation Requirements in the US
Valuation Requirements in Canada

Valuation of Life Insurance Liabilities - Chapter 2 - RESERVE METHODOLOGIES AND BASES


Valuation Standards in the US
Valuation Bases in the US
Reserve Methods in teh US
Valuatino Standards in Canada (mostly skipping b/c Canada)

Valuation of Life Insurance Liabilities - Chapter 3 - TYPES OF RESERVE FACTORS


Mean and Mid-Terminal Reserves and Their Relationshiop to Deferred and Unearned Premiums
Graphic Representatin of Reserves
Other Reserve Adjustments and Alternative Types of Factors

Valuation of Life Insurance Liabilities - Chapter 4 - VALUATION OF INTEREST SENSITIVE LIFE PRODUCTS


overview
Flexible Premium UL
Fixed Prem UL
Secondary Guarantees
Off Anniversary Reserves
Possible Changes and California UL Regulation
Minimum vs Adequate Reserves

Valuation of Life Insurance Liabilities - Chapter 5 - VALUATION OF ANNUITIES


Overview
Basic Application of CARVM to SPDAs
Common Product Features
Practical Considerations in Calculation of CARVM Reserves
Annual Premium Annuities under CARVM
Flexible Premium Annuities Under CARVM
Immediate Annuities
Determination of Appropriate Int Rates under SVL

Valuation of Life Insurance Liabilities - Chapter 6 - VALUATION OF VARIABLE PRODUCTS


Overview
Flexible Premium and Bybrid Variable Life
Fixed Premium Variable Life
Single Premium Variable Life
Variable Annuities
GMDB Reserves: Flexible PRemium Life Products
GMDB Reserves: Fixed Premium Life Products
GMDB Reserves: Annuity Products

Valuation of Life Insurance Liabilities - Chapter 7 - MISCELLANEOUS RESERVES


Overview
Deficiency Reserves
Accidental Death Benefit
Disability Waiver of Prmeium Benefits
Nondeduction of Deferred Fractional Premiums at Death
Canadian Lapse-Supported Policies
Last-To-Die Policies

Valuation of Life Insurance Liabilities - Chapter 8 - CASH FLOW TESTING


Overview
Definition of CFT
Assumptions Needed
Case Study

U.S. GAAP - Chapter 3 - EXPENSES AND CAPITALIZATION


Background
Categorization Stipulated by SFAS 60
Expense Categorization Under Other Pronouncements
Line of Business and Category Analysis
Determination of Deferrability of Acquisition Costs
Timing of Deferrability
Recoverability Testing and Loss Recognition
Relation fo GAAP Expense Assumptions to Pricing Expense Assumptions
Special Expense Issues
Worksheet Approaches to DAC Calc

U.S. GAAP - Chapter 4 - TRADITIONAL LIFE INSURANCE (SFAS 60 AND SFAS 97)


Overview
Product Features
Benefit Reserve Methodology
Expense Recognition
Selection of Assumptions
Limited-Payment Contracts
Participating Products
Indeterminate Premium Products
Implications of Reserve Formula Selection

U.S. GAAP - Chapter 5 - TRAD LIFE (SFAS 120)


Overview
Scope and Applicability
Overview of Acct Model
Amortization Methods
Selection of Assumptions
True-up and Unlocking
Realized Capital Gains
Recoverability and Loss Recognition
Policyholder Benefit Liabilities
DAC and Terminal Div Liabilities
Additional Considerations
Examples p. 137+

U.S. GAAP - Chapter 6 - UNIVERSAL LIFE INSURANCE


Background
Applicability
Definition
Typical Product Designs
Presentation of Results
Benefit Reserves
Capitalization and Amortization of Acquisition Expenses
Deferral of Unearned Revenue
Treatment of Bonuses and Other Special Benefits
Recoverability and Loss Recognition

U.S. GAAP - Chapter 7 - DEFERRED ANNUITIES


Overview
Accounting Model Classification
Benefit Reserves
DAC Amortization under SFAS91
Accrual of Unearned Revenue Liability (URL)
Selection of Assumptions
Loss Recognition Tests
Examples pp 186 - 190
Presentation of Results
Acconting for Special Features

U.S. GAAP - Chapter 8 - VARIABLE AND EQUITY-BASED PRODUCTS


Introduction
Variable Products
Equity-Indexed Annuities

U.S. GAAP - Chapter 9 - ANNUITIES IN PAYMENT STATUS


Background
Contract Classification
Investment Contracts
Limited-Pay Contracts
Conversion of Policy-Year Factors To Calendar-Year Factors


Study Notes and Published Refences - Note SN 8I-309-01 - MANAGEMENT REPORTS AND REPORTS TO REGULATORY BODIES


Intro
Management Reporting
Reporting to the SEC
Reporting to Other Regulatory Agencies

Study Notes and Published Refences - Note TSA XXXVIII - STRATEGIC MANAGEMENT OF LIFE INS CO SURPLUS


Strategic Planning
Financial Planning
Company Organization
Evaluating Financial Performance

Study Notes and Published Refences - Note SN 81-303 - ACTUARIAL REVIEW OF RESERVES AND OTHER A.S. LIABILITIES


Overview
Applicable Professional Stds Regarding Actuarial Review of Reserves
General Principles of a Satisfactory Audit
Reserve Assembly Process
Auditing Life Insurance Reserves and Related Actuarial Items
Spot Checks (tests of inventory, test calcs, transactional checks and policy traces)
Independent Full Recomputations
Tests of Aggregate Progress of Reserve From One Fiscal Period to the Next
Tests of Relationships of Reserve Items to Other Financial Items (Units of Measurement) And Stability Therein From One Fiscal Period to Another
Tests of Reserve Adequacy
Conclusions
Healthy Skepticism
Appendix A - "Qualified Actuary" Standards
Appendix B - Recommendation 7 - Statement of Actuarial Opinion
Appendix C - Recommendation 9 - Materiality
Appendix E
Appendix F - Analysis of Increse in Reserves

Study Notes and Published Refences - Note SN 8I-304-00 - VALUE BASED FINANCIAL MEASUREMENT


Background
Concepts Underlying Value-Based Financial Measurement
Description of Value-Based Measurement
Numerical Illustrations of Fin Measurement Systems
Practical Considerations of Implementing a Value-Based System

Study Notes and Published Refences - Note 8I-306-00 - CASH FLOW ANALYSIS TECHNIQUES


Valuation Concepts
Cash Flow Analysis for Valuation
Functional Relationship: The Liab Side
Functional Relationships: The Asset Side
Assets

Study Notes and Published Refences - Note SN 8I-308-00 - REGULATORS' PERSPECTIVE ON ACTUARIAL OPINIONS AND VALUATIONS


Valuation Methodology or Mythology - Robert J Callahan
What Regulators Need - John O Montgomery

Study Notes and Published Refences - Note SN 8IU-310-04 - VALN OF LIVING AND DEATH BENEFIT GUARANTEES FOR VARIABLE ANNUITIES


Introduction
Types of Guarantees
Characteristics of Living and Death Benefit Guarantees
Theoretical and Practiacl Issues in Valuing Guar Benefits
  • Pre-Annuitization Mortality
  • Partial W/D and Contributions
  • Grouped vs Seriatim Data
  • Asset Allocation and Fund Transfers
  • Future Economic Scenarios Statutory Valn
    US GAAP
    Conclusion
    Appendix A
    Appendix B
    Reinsurance - Tiller and Tiller
    Chapter 4 - TRADITIONAL REINSURANCE
    YRT (see html)
    Coinsurance
    Modified Coinsurance - ModCo
    Chapter 5 - FINANCIAL REINSURANCE
    Uses of Financial Reinsurance
    Terminology
    Comparative Model - see book beginning p 112
    Plans of Financial Reinsurance
    Coinsurance
    ModCo
    Funds Withheld Coins
    Funds Withheld ModCo
    Partially Modified Coins (PartCo)
    Regulation and Taxation
    Security Considerations


    Product Development


    Life and Health Marketing (LOMA) - Chapter 11 - PRODUCT DEVELOPMENT


    Product Innovations
    Product Development Process


    Reinsurance - Tiller and Tiller - Chapter 4 - TRADITIONAL REINSURANCE


    Yearly Renewable Term (YRT)
    Coinsurance
    Modified Coinsurance - ModCo

    Reinsurance - Tiller and Tiller - Chapter 5 - FINANCIAL REINSURANCE


    Uses of Financial Reinsurance
    Terminology
    Comparative Model - see book beginning p 112
    Plans of Financial Reinsurance
    Coinsurance
    ModCo
    Funds Withheld Coins
    Funds Withheld ModCo
    Partially Modified Coins (PartCo)
    Regulation and Taxation
    Security Considerations

    Study Notes and Published References - Note ASP 1 - REDETERMINATION OF NON-GUARANTEED CHARGES AND/OR BENEFITS FOR LIFE INS AND ANNUITY CONSIDERATIONS


    Background
    Current Practices and Alternatives
    Standard of Practice

    Study Notes and Published References - Note CIA Recommendations - DIVIDEND DETERMINATION AND ILLUSTRATION


    Section 1 - General
    Section 2: The Contribution Principle
    Section 3: The Process of Dividend Determination
    Section 4: Policy Factors
    Section 5: Experience Factors
    Section 6: Claims Factors
    Section 7: Investment Income Factors
    Section 8: Termination Factors
    Section 9: Expense Factors
    Section 10: Tax and Other Factors
    Section 11: Terminal Dividends
    Section 12: Determination of Participating Earnings Limitations on Amts Transferred Among Accts
    Section 13: Illustrated Dividends

    Study Notes and Published References - Note SN 8I-100-00 - PRODUCT DEVELOPMENT TRENDS


    Overview of Product Development Process
    Product Trends in the US
    Product Trends In Canada
    Product Trends In Other Countries

    Study Notes and Published References - Note SN 81-101-00 - LIFE INSURANCE AND ANNUITY NONFORFEITURE PRACTICES


    Overview
    Methods of Determing Amounts of Nonf Benefits
    Nonforfeiture Practices Operative in Selected Countries
    The Nonf Calculational Plan
    Misc Practical Nonf Issues
    Permanent Products w/ Little or no Nonf Values

    Study Notes and Published References - Note SN 81-102-00 - LIFE AND ANNUITY PRODUCTS AND FEATURES


    Term Insurance
    Appendix 1-I
    Appendix 1-II
    Appendix 1-III
    Universal Life (UL)
    Variable Life Insurance
    Survivorship Insurance
    Appendix 4-III
    Extra Premiums for Substandard Life Ins Risks
    Fixed Deferred Annuities
    Variable Deferred Annuities
    Appendix 7-I: Variable Product Mechanics
    Income Annuities


    Study Notes and Published References - Note SN 8I-103-01 - POLICYHOLDER DIVIDENDS


    Introduction
    Backgorund
    Participating Policies
    Dividend Actuary
    Sources of Earnings that Drive a Dividend Scale
    Changing Dividend Scales
    Adjusting for Experience Changes: Block vs Average
    Illustrations vs Payable Scales
    Public Statements of the Dividend Actuary
    Forming New Classes for New Business
    Retained Surplus
    Effect of Tax Law or Other One Time Changes
    Riders to Policies
    Subsidiaries, other Lines of Business and New Ventures
    Non-Life Product Lines: Annuities, Health, Disability
    Non-Par Lines of Business
    Demutualization
    Schedule NP: Stock Co Earnings

    Study Notes and Published References - Note SN 81-104-03 - NAIC STANDARD NONFORFEITURE LAW FOR LIFE INSURANCE


    Section 2 - Nonforfeiture Benefits
    Section 3 - Computation of CSV
    Section 4 - Computation of Paid-Up Nonf benefits
    Section 5c - Calculations of Ajd Prems by nonf NLP method
    Section 6 - Nonf Benefits for Indeterminate Prem Plans
    Section 7 - Proration of Values; Net Value of Paid Up Additions
    Section 8 - Consistency of Progression of Cash Surrender Values w/ increasing Policy Duration
    Section 9 - Exceptions


    Study Notes and Published References - Note SN 8I-105-03 - NAIC UNIVERSAL LIFE INSURANCE MODEL REGULATION


    Section 2 - Purpose
    Section 3 - Definitions
    Section 6 - Nonforfeiture

    Study Notes and Published References - Note SN 8I-106-03 - NAIC STANDARD NONFORFIETURE LAW FOR INDIVIDUAL DEF ANNUITIES


    Section 2 - Applicability
    Section 3 - Nonf Requirements
    Section 4 - Minimum Values
    Section 5 - Computation of Present Value
    Section 6 - Calculation of CSV
    Section 7 - Calculation of Paid-Up Annuity Benefits
    Section 8 - Maturity Date
    Section 9 - Disclosure of Limited DB
    Section 10 - Inclusion of Lapse of Time Consideratoins
    Sectoin 11 - Proration of Values; Add'l Benefits


    Study Notes and Published References - Note SN 8IU-107-04 - EQUITY INDEXED ANNUITIES: PRODUCT DESIGN AND PRICING CONSIDERATIONS


    Introduction
    EIA Product Design
    Other EIA Design Features
    Pricing and Design Considerations
    Regulatory Considerations

    Study Notes and Published References - Note PRODUCT MATTERS - REGULATORS RESPOND TO INDUSTRY INNOVATION THROUGH GUIDELINE AXXX


    Section 1 - Increase tied to an external trigger
    Section 2 - Refund of Prem - Partially Guaranteed
    Section 3 - Affiliated Co Guarantee
    Section 4 - Refund of Prem - Fully Guaranteed
    Section 5 - Re-entry Plans
    Section 6 - Level Net Reins Prems
    UL and AXXX
    Section 7 - Premium "Catch-Up" Provisions
    Section 8 - Secondary Guar Requirements
    Sections 1-7 retroactive to XXX effective date
    Section 8 effective 1/1/2003


    Study Notes and Published References - Note PDNEWS - SEAC SECONDARY GUARANTEES DEBATE


    Are Secondary Guarantees Good for the Public?
    Are Nonf Benefits related to Secondary Guars req'd by law?
    What Types of Reserves req'd for seconday guars under SAP adn GAAP acctg?
    Can we ever ignore letter of law? Can we ever ignore spirit of law?


    Copyright 2004 Steve Welander.
    Permission is granted to copy, distribute and/or modify this document under the terms of the GNU Free Documentation License, Version 1.2 or any later version published by the Free Software Foundation; with no Invariant Sections, no Front-Cover Texts, and no Back-Cover Texts. A copy of the license is included in the section entitled 'GNU Free Documentation License'.